Washington (CNN) – In this week's Republican address, Sen. Richard Shelby of Alabama pans the Wall Street reform legislation currently being debated in the Senate, saying it does nothing to fix the root cause of the recent financial meltdown.
"[R]eform should address the causes of the financial crisis, promote economic growth, and end bailouts for good," Shelby said in video released Saturday. "The legislation that the Democrats proposed failed each of these tests."
Twin mortgage buyers Fannie Mae and Freddie Mac are singled out by Shelby, the ranking Republican on the Senate Banking Committee, as two institutions that need significant reform.
"For years, Democrats blocked meaningful reform of Fannie and Freddie, and not much has changed. Their legislation to reform the financial system touches nearly every corner of the economy, but these major contributors to the crisis are left unscathed," Shelby said.